A closely watched measure of German business optimism was stable in April despite worries about a possible global economic slowdown.

The Ifo index barely slipped to 106.6 points from 106.7 points in March. Market analysts had expected a small rise to 107.0 points.

The head of the Ifo institute in Munich, Clemens Fuest, said Monday that "the mood in the German economy remains positive."

Germany's economy depends heavily on trade and would suffer from a serious slowdown in China and other emerging economies. The Ifo index fell in the first two months of the year amid financial market turmoil and fears about world growth.

ING-Diba economist Carsten Brzeski wrote in a research note that "today's Ifo adds to latest hopes that the widely-feared sharp global slowdown is not happening."